How to Shop for the Holiday Season Without Going into Debt

Things are different this holiday season. After the pandemic that kept us locked inside and away from family and friends, we are now seeing vaccines keeping us safer than before. Therefore, a lot of people have big holiday plans that could wreak havoc on their financial stability if not careful.

In a recent American Express survey, 38% of consumers said they’ll spend more on the holidays this year in anticipation of a more celebratory season. The last thing consumers want is a large pile of credit card debts to close out the year.

If you’re expecting to bump up your holiday spending, here are a few tips you can take to keep your head above the water.

Take up a Side Job

Your primary paycheck doesn’t have to be the only one taking on the blunt of your holiday spending. If you were to increase your paycheck, you might manage to buy everything on your list without racking up a huge amount of debt. A good way to go about this is to increase your paycheck with a side job for the next few weeks.

Many companies have a collection of opportunities as extra help is needed for the holidays. It’s fairly easy to pick up an evening or weekend job that will fit your schedule. There’s always the option of remote work or driving for ride-hailing companies and even pet-sitting work.

Check out Different Credit Card Offers

You can pay off your shopping through 2023 with a 0% APR card which could save you big on interest and even offer flexible repayment options. This gives consumers the ability to avoid paying high-interest rates on their balances, without giving up the spending flexibility and the many benefits of a credit card. And during times of heavy spending, they can be a great way to split up big expenses over a long period.

With 0% APR cards, you’ll still need to pay at least the minimum each month. And to make the most of the card, it’s best to figure out a payment plan, so you can pay off the balance before the introductory period ends.

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Besides the 0% APR cards, keep in mind that many others have other offers for you to use this holiday season. For instance, if you’re planning to spend an extra 600 dollars on the holidays this year, then a 300 dollar sign-up bonus from a credit card might just help you get by. Many credit cards offer these bonuses for meeting a certain spending threshold in the first few months of opening an account.

Set your Priority Budget

If you’re planning on doing more this holiday season other than going gift shopping, it’s important to set some priorities to avoid going into debt.

For travel, you may not have the money necessary to book a trip for both Thanksgiving and Christmas, so make a decision on which holiday to book your trip around. Moreover, if you normally host two parties for these holidays or even a big meal, it’s important to scale back to one if you’re planning to spend more on travel or gifts.

Make a list of all of your holiday expenses and compare them to the money you have available. Order these expenses based on their priority and focus on those at the top of the list. Just do your best to avoid racking up a huge amount of debt on this joyous holiday season.

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